Sasfin half-year profits up almost 60 percent

FINANCIAL services group Sasfin yesterday said it managed to lift its profits by 59.89 percent during the six months to end December.

The group said its headline earning rose to R80.53 million during the period from R50.37m last year on the back of improved credit loss ratio and impairments.

Chief executive Michael Sassoon said Sasfin also recovered from a once-off deferred tax liability it had to pay last year.

“We are pleased with our results and we are starting to reap the fruits of the significant strategic steps it has taken over the last two years including strengthening the management team, enhancing our credit function and investing in technology,” Sassoon said.

Sasfin said its headline earnings per share increased 58.75 percent to 250.12 cents a share from 157.56c last year.

The group declared a gross cash preference dividend of 418.09c a share, down from last year’s 427.42c.

Sassoon said the group made meaningful strides in terms of its three-pronged strategy in respect of innovation. “We are investing in technology because it is very important on how we conduct our business in the future,” Sassoon said.

He said Sasfin had upgraded its digital wealth and business banking platforms, Sasfin Wealth Investment Platform and BYond, as well as having concluded strategic deals with digital financial technology (FinTech) Payabill and powering Hello Paisa’s new digital banking offering to the unbanked and underserved.

Total income grew 5.8 percent to R608.6m while total assets inched up 3.14 percent to R13.57 billion.

Gross loans and advances increased by 8.72 percent.

Sasfin shares closed unchanged on the JSE yesterday at R37.